Your selected term deposits
Residing in Sydney and seeking a secure place for your earnings? Term deposits provide an attractive option, offering competitive interest rates for a fixed term. Mozo facilitates the comparison of term deposits from banks, mutual banks, and credit unions in Sydney and throughout Australia, assisting you in choosing the ideal term deposit for your needs
4.60% p.a.
6 months
$1,000
Yes up to $250,000
Great rates and incentives incl. 0.10% added loyalty bonus at renewal. Option to have interest paid to another bank. Winner of the Mozo Experts Choice Awards 2024^ for Term Deposits.
Great rates and incentives incl. 0.10% added loyalty bonus at renewal. Option to have interest paid to another bank. Winner of the Mozo Experts Choice Awards 2024^ for Term Deposits.
Read reviews and learn more about Judo Bank term deposits
Your selected term deposits
4.60% p.a.
6 months
$1,000
Yes up to $250,000
Apply digitally in minutes and manage your SMSF Term Deposit. Flexible cash flow management with three interest payment frequencies that suit you: monthly, yearly, or at maturity. Choose from terms of 3 months up to 5 years. No application or monthly account fees but eligibility criteria and terms and conditions apply. Only accessible to SMSFs with two or up to four individual trustees or one corporate trustee.
Apply digitally in minutes and manage your SMSF Term Deposit. Flexible cash flow management with three interest payment frequencies that suit you: monthly, yearly, or at maturity. Choose from terms of 3 months up to 5 years. No application or monthly account fees but eligibility criteria and terms and conditions apply. Only accessible to SMSFs with two or up to four individual trustees or one corporate trustee.
Read reviews and learn more about Judo Bank term deposits
Your selected term deposits
4.10% p.a.
9 months
$1,000
Yes up to $250,000
Looking for returns that return? Invest as little as $1,000 or as much as $1,000,000. Apply online today in as little as 5 minutes. Protected by the Australian Government’s Financial Claims Scheme up to $250,000.
Looking for returns that return? Invest as little as $1,000 or as much as $1,000,000. Apply online today in as little as 5 minutes. Protected by the Australian Government’s Financial Claims Scheme up to $250,000.
Read reviews and learn more about Bank of Sydney term deposits
Your selected term deposits
^See information about the Mozo Experts Choice Term deposits Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.
Term deposits in Sydney work much the same across the rest of the country. By applying for a certain term—say, one year—you’ll be given a fixed interest rate that will apply to the deposit until its maturation date.
Upon reaching maturity, you may choose to either roll over to a new term with the interest gained or instead choose to have your savings deposited into a bank account of your choosing.
It may be tempting to apply for a 5-year term at a higher interest rate, but keep in mind that if you need to withdraw this cash at any point before the term deposit maturation, you’ll likely have some restrictions such as AMP term deposits requiring a 31-day prior notice for early withdrawal.
With inflation on the rise, it’s becoming increasingly important for Sydneysiders to keep their savings stored away in high-interest accounts to offset inflationary pressures.
Term deposits are a great way to keep money stashed away as they generally offer higher interest rates on average than savings accounts. However, to gain a higher interest rate, you’ll need to keep your cash stored away for longer terms which may not work for savers with limited cash flow.
In addition, it’s important to note that term deposit providers will usually require a minimum deposit amount ranging from $1,000-$25,000 depending on the account.
As Australia’s biggest city, Sydney has wide access to a variety of term deposit providers giving a breadth of options.
But Sydneysiders no longer need to restrict themselves to local branches anymore as more online term deposits are offered by banks who themselves find greater advantage in becoming increasingly digital.
The length of your term deposit depends on your financial situation as well as the financial environment you find yourself in.
For instance, taking a longer term deposit will generally give you a higher interest rate which you can take advantage of well into a low-interest-rate environment due to the rate being fixed.
However, if you were to take a 5-year term deposit and find yourself in a lower interest rate environment by the time of maturation, it would leave you with few options in terms of where to deposit your money.
In turn, shorter term deposits can be more advantageous in long-term rising interest rate conditions as they allow you to roll over (with interest gained) into an even better interest rate. You can also use shorter periods to keep your money safe and growing for a later investment that they are planned for.
Whilst term deposits are classed as a safe investment, they do have some trade-offs in comparison to riskier investment types.
Low returns: In comparison to other investments such as stocks and bonds, term deposits usually have lower rates of return
Lack of liquidity: Term deposits generally have to give 31 days notice if they wish to withdraw before the maturation date.
Inflation risk: The interest earned on a term deposit may not keep up with inflation, meaning that you could end up with overall less by the maturation date.
Limited diversification: Term deposits are simply a lump sum of money deposited in a particular bank account.
So how are term deposits any different from a savings account? For one, one big difference that savings accounts have is that they generally have a variable interest rate.
What this means is that if you open a savings account with an interest rate of 3%, you’re in no way guaranteed to keep this, especially if the economic situation deteriorates.
On the other hand, term deposits usually have a fixed interest rate. This means that if you applied for a 3% term deposit for 2 years, you’ll keep that interest rate right up until the maturation date.
Compare: Look around for term deposits with the best rates. At Mozo we compare term deposits with the best interest rates for comparison.
Decide deposit amount: Depending on the term deposit provider, your minimum deposit amount will vary so make sure you have enough.
Set up your deposit: Make sure you have all the necessary documents nearby to make the process as easy and quick as possible.
Wait: for as long as you set your deposit term and watch your money grow until maturation.
People's Choice have been my bank for over thirty years now. I switched to them on the recommendation of a friend and have never looked back. The staff have always been extremely helpful, both in person and on the phone; and their assistance with putting together a term deposit after my mother died was exceptional. They were also incredibly compassionate when I was in branch to close my mother's account after her death and transfer her term deposit to myself, giving me tea and being extraordinarily comforting during the process, going above and beyond any other financial institution I've dealt with. In fact, I had convinced both my parents to switch banks because I was so impressed with People's Choice, my father who is French, would always tell me how much he enjoyed the banking experience and how helpful and kind they were to him, especially with the language barrier when he set up his own term deposit. I highly recommend People's Choice for all forms of banking, and their Term Deposit is very well explained and set out, the interest rates earned are competitive and if you wish to withdraw interest when the rollover date arrives, one has several options on how to do that--you can either withdraw the interest earned at the year end of the period and roll over the original amount of the Term Deposit, or you can rollover the total of the Term Deposit with the interest earned for another year, or you can have your interest earned deposited into your bank account twice a year while your Term Deposit itself is rolled over for another period. The flexibility is excellent and the assistance I have recieved every time I talk to a staff member has been second to none. To that end, I suggest joining People's Choice today.
Read full reviewPeople's Choice have been my bank for over thirty years now. I switched to them on the recommendation of a friend and have never looked back. The staff have always been extremely helpful, both in person and on the phone; and their assistance with putting together a term deposit after my mother died was exceptional. They were also incredibly compassionate when I was in branch to close my mother's account after her death and transfer her term deposit to myself, giving me tea and being extraordinarily comforting during the process, going above and beyond any other financial institution I've dealt with. In fact, I had convinced both my parents to switch banks because I was so impressed with People's Choice, my father who is French, would always tell me how much he enjoyed the banking experience and how helpful and kind they were to him, especially with the language barrier when he set up his own term deposit. I highly recommend People's Choice for all forms of banking, and their Term Deposit is very well explained and set out, the interest rates earned are competitive and if you wish to withdraw interest when the rollover date arrives, one has several options on how to do that--you can either withdraw the interest earned at the year end of the period and roll over the original amount of the Term Deposit, or you can rollover the total of the Term Deposit with the interest earned for another year, or you can have your interest earned deposited into your bank account twice a year while your Term Deposit itself is rolled over for another period. The flexibility is excellent and the assistance I have recieved every time I talk to a staff member has been second to none. To that end, I suggest joining People's Choice today.
Suncorp Bank offer very good service levels at my local branch,often recommended to other people at often times.
Read full reviewSuncorp Bank offer very good service levels at my local branch,often recommended to other people at often times.
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